Data shows that the price of Sui Network tokens has risen to $2 per token just minutes after trading started at 8 a.m. ET (12 a.m. UTC) on Wednesday. Data shows that trading began at 8 a.m. ET on Wednesday. At the time of writing, the market capitalization for tokens was nearly $690m with a fully diluted value (FDV) of $13bn.

Data from blockchain Explorers shows that validators staked more than 4.2 billion SUI Tokens on Wednesday. They are the entities that make up a Proof-of-Stake (PoS), blockchain network. Their responsibility is to validate new transactions and maintain security.

According to CoinGecko, the market capitalization for SUI’s main rival, Aptos APT, is approximately $2 billion. The fully diluted valuation reaches nearly $10 billion.

Some observers on Crypto Twitter criticized the sky-high valuations after such a surge in SUI’s token price.

“People wonder why VCs continue to fund new pre-mainnet layer 1 protocols with billion dollar valuations, but as long hyped L1 is able to launch at $10b+ for a FDV despite a difficult market, this trend will persist,” Tweeted DeFiance Capital’s founder Arthur Cheong.

Cheong said that “most founders of the hyped L1 blockchain in previous cycles are now billionaires despite having achieved little real traction in their blockchain.”

Read more: Sui Network will issue Tokens Following Exchange Sale, Airdrop Hunters are Disappointed

Aoyon A. Ashraf is the editor.